Protection from the lifetime allowance charge: fixed protection, fixed protection 2014 and fixed protection 2016: arrangements in overseas pension schemes
Due to the similarities in the principles of these three types of protection this guidance covers them all unless otherwise specified and the three types of fixed protection are referred to collectively on this page as “the fixed protection(s)”.
Paragraph 14 Schedule 18 Finance Act 2011
Paragraph 1 Schedule 22 Finance Act 2013
Paragraph 2 Schedule 4 Finance Act 2016
In addition to being a member of a registered pension scheme, an individual with one of the fixed protections may also be a ‘relieved member’ of a ‘relieved non-UK pension scheme’. Or their only pension rights subject to the pensions tax rules may be the rights as a ‘relieved member of a ‘relieved non-UK pension scheme’. See PTM113410 for definitions of a ‘relieved member’ and a ‘relieved non-UK pension scheme’.
The legislation for all the fixed protections (and therefore the fixed protection guidance in this manual) applies to such individuals in the same way as it applies to individuals with one of the fixed protections who only have rights in registered pension schemes, subject to the provisions of paragraphs 13(3) and (4) and 18 of Schedule 34 to Finance Act 2004.